Bitcoin and ether prices surpassed the upper range of their respective Bollinger Bands, with the assets trading around $28,000 and $1,795, respectively. GWilliamsJr_CMT reports
Bitcoin and ether retreated in Monday trading following a weekend breach of a popular technical indicator.
Since an asset’s price is expected to stay within two standard deviations of its average 98% of the time, a breach of its upper or lower bound is a noteworthy event. Whether prices will subsequently trend higher, or revert to the 20-day average price will be a key trend to watch in upcoming days Currently, the latter has begun to occur.
Significant declines in volume would imply that investors are waiting on the Fed decision, and subsequent comments from Fed Chair Jerome Powell, before taking a definitive stance.In an early sign of how the market is viewing BTC and ETH this week, correlations between the two largest crypto currencies and the U.S. Dollar Index are more negative.
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